United States

Fraud, Scams & Cybercrime

NYAG Files Suit Against Founder of Crypto Lender Celsius

By Manesh Samtani | 08/01/2023

NYAG says Alex Mashinsky lied about Celsius’s safety, then lost customer funds in risky investments and concealed the firm’s deteriorating financial condition.

Cryptocurrency

US SEC Objects to Binance Acquisition of Bankrupt Crypto Lender

By Editors | 07/01/2023

The SEC may be concerned about a possible co-mingling of funds between Binance’s US and global entities to fund the acquisition.

Conduct, Culture & Accountability

Former BlackRock Portfolio Manager Fined Over Undisclosed Conflict

By Editors | 05/01/2023

The portfolio manager failed to disclose that he had asked an investee company to help advance his daughter’s acting career and that it helped her obtain a film role.

Fraud, Scams & Cybercrime

New York: Former SPAC CFO Pleads Guilty to Fraud Charges

By Editors | 05/01/2023

The former CFO embezzled money from a SPAC to pay for personal expenses and trade in meme stocks and crypto assets. He also incorporated two other SPACs to conceal his theft.

Anti-Money Laundering

NYDFS Ends Coinbase AML Probe With $100m Settlement

By Editors | 05/01/2023

The settlement includes a $50mn penalty and a commitment by Coinbase to invest a further $50mn in its compliance programme over the next two years.

PEPs & Sanctions

OFAC Issues Initial Price Cap Guidance for Russian Petroleum Products

By Editors | 05/01/2023

The new price cap on petroleum products is due to take effect on 5 February 2023, alongside an EU ban on seaborne imports of refined products originating from Russia.

Cryptocurrency

US Banking Regulators Issue Statement Warning of Crypto Risks

By Editors | 04/01/2023

“It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system,” the statement says.

Fraud, Scams & Cybercrime

US Court Sets October Date for Bankman-Fried Trial

By Manesh Samtani | 04/01/2023

Bankman-Fried pleaded not guilty to all eight charges against him. The court set a 2 October 2023 date for trial, which is expected to last about four weeks.

Payments & Settlements

US FTC Orders Mastercard to Stop Blocking Competing Networks

By Editors | 03/01/2023

The FTC says Mastercard used its control over its “tokenisation” process to block the use of competing payment card networks.